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Gold is slightly higher in Asia-Pac trade on...>

GOLD
GOLD: Gold is slightly higher in Asia-Pac trade on Thursday, the yellow metal
last up $0.80 at $1,284.43 but holding near lows made on Wednesday. Gold dropped
sharply on Wednesday, falling around $14/oz to lows of $1,282.12.
- Gold declined on strong US data that showed GDP rose 3.3% to a 3-year high,
upbeat comments from Fed Chair Yellen and the Senate advancing the tax bill to
the debate stage. Meanwhile data from Asia has also put some pressure on gold,
China manufacturing PMI rose to 51.8 in November, while non-manufacturing also
rose.
- Gold is being supported by further tensions with North Korea, the US
Ambassador to the UN Nikki Haley said last night China must cut off crude
exports to China or the US will take the situation into their own hands.
- MNI technical analysis sees support at $1282.7 - 21-DMA, resistance is seen at
$1288.4 - Hourly resistance Nov 29. Pressure has returned to the 21-DMA with
bears needing a close below to confirm an easing of bullish pressure and shift
focus back to $1260.2-1266.7 where the bull channel base and 200-DMA are
situated.
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